Land Assemblage for 600,000 Square Foot,
Single-User Office Building, Assembled in late 1980’s and Sold in 1999

Moore&Associates' objective was to assemble the largest, urban development parcel in metropolitan Washington DC, and develop and deliver a regional shopping mall financed with a flexible-exit, debt/equity structure. Upon stabilization, Moore&Associates intended to refinance the asset for a long-term hold, and generate Excess Development Funds.

The investment strategy was to complete the assemblage; obtain approvals; and design, market, finance, build and deliver a mixed-use development, including a regional shopping mall.

The challenges were daunting. The land assemblage, which took several years to complete, entailed multiple parcels owned by multiple private and public owners. The location was an urban, Metrorail, in-fill site with environmental issues and historic buildings. Twenty existing buildings and a network of public roads required abandonment and demolition.

The assemblage was completed, environmental issues were mitigated, historic preservation concerns were addressed, a regional shopping mall was designed, and approvals were obtained. Commitments from Macy's and JC Penney's were procured just prior to Macy's bankruptcy in the 1990's. In response, Moore&Associates changed the investment strategy and designed an office complex, obtained regulatory approvals, and marketed the site accordingly.

Performance: Sold the assembled office site to Discovery Communications in 1999, the owner of the Discovery Channel and other cable content and channels. The new, 600,000 square foot, trophy headquarters for this media company opened in 2003. The sale by Moore&Associates generated significant returns for investors, and new assets were acquired via 1031 exchanges.